Al Moammar Information Systems Co. (MIS) reported a net profit spike to SAR 46.6 million in Q1 2023, from SAR 4.6 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 106.60 | 437.48 | 310.4 % |
| Gross Income | 28.79 | 76.45 | 165.5 % |
| Operating Income | 8.61 | 54.04 | 528.0 % |
| Net Income | 4.60 | 46.57 | 911.9 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.15 | 1.55 | 911.9 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 313.19 | 437.48 | 39.7 % |
| Gross Income | 73.44 | 76.45 | 4.1 % |
| Operating Income | 42.08 | 54.04 | 28.4 % |
| Net Income | 49.33 | 46.57 | (5.6 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 1.64 | 1.55 | (5.6 %) |
MIS recorded better revenue across all product lines and services. The growth in revenue was driven by a healthy order backlog and new awards received in the current year.
The company also reported higher gross margin contribution and continued operational efficiency during the current quarter, despite an increase in operational expenses and higher finance charges.
Gross profit climbed to SAR 76.45 million in the current quarter from SAR 28.79 million in Q1 2022.
Compared to Q4 2022, the first-quarter net profit decreased by 5.6% from SAR 49.33 million. MIS was hurt by a gain on the disposal of Edarat Group, an associate, which was recorded as a one-off item in Q4 2022 at SAR 15.23 million.
Shareholders’ equity, no minority interest, jumped to SAR 381.47 million by March 31, 2023, compared to SAR 311.91 million in the year-earlier period.
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